Another Breakout as Traders Position for Premarket Monday Gap Up

February 11, 2011 Mark Hanna

As I said this morning, traders would pile in as they are now conditioned for the gap up Monday morning.

Speaking of which, Merger Monday is just 1 session away so expect traders to pile in ahead of the now 80% probability of a premarket surge of 0.3 to 0.4% (no matter the news) 72 hours from now. Money in the bank 8 out of 10 Mondays a year.

After this week’s Monday morning gap up, and Tuesday extension – the market consolidated for 48 hours and now has broken to a new high. Onward and upward we go… non stop. The market remains unshortable… and remarkable in it’s inability to correct. The Dow excluding a rounding error yesterday in which it fell less than 0.1% has been up 10 session in a row. I’ve run out of adjectives to describe this market – seeing the NASDAQ finish green yesterday after a 14% drop in bellweather Cisco Systems is simply something one can not fathom.

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

Visit: Market Montage

Another Breakout as Traders Position for Premarket Monday Gap Up

Be the first to comment

Leave a Reply Cancel reply